2. NFT Market Leader, OpenSea
Figure 3. NFT sales on OpenSea near $150m in June Source: 1. opensea.io, cryptoart.io, Dune Analytics 2. https://www.reuters.com/technology/nft-sales-volume-surges-25-bln-2021-first-half-2021-07-05
As the number of users increased due to the explosive popularity of NFT in early 2021, and NFT transactions became active, the sales of OpenSea, a major NFT marketplace, showed a sharp increase and reached the highest monthly sales volume of $150 million in June, and is riding a rapid increase compared to the previous year.
According to DappRadar data, OpenSea currently leads the NFT sector in volume, representing 150 times than the volume of its current competitor Rarible. Under this circumstance, OpenSea attracted VC investment for corporate growth. As a result, they said that Series A of $23 million was completed in March 2021, followed by $100 million in Series B led by Andreessen Horowitz about 4 months later with an valuation of $1.5 billion have raised additional funds.
The fact that the NFT market was evaluated at a corporate value of $1.5 billion in the stage where it was just starting and established means that the future value of the market and company has been confirmed by VC investors and through this, OpenSea can be seen as having laid the foundation for solidifying the No.1 position in the industry while making more aggressive corporate investments.
However, the business structure of the market is a simple structure such as sales and auctions, and in terms of technology, it is no different from the general NFT market and it is problem that the competitiveness of the company is not great, except for the fact that there are many users due to the limitations of the Ethereum blockchain, such as paying expensive fees.